Fountain Head Gold Project Development Overview

Hayes Creek Hayes Creek NPV Upside at Current Spot Prices Hayes Creek Pre-Tax NPV 10% Increase Decrease Total PFS SPOT CHANGE % OF REVENUE¹ PRODUCTION2 AUD/USD 73.0 71.0 -3% 0 0 200 180 USD GOLD PRICE 1,289 1,906 +48% 19% 95,400 oz 160 140 133 120 USD SILVER PRICE 19.4 24.5 +26% 30% 9.28 Moz ASM 100 80 USD ZINC PRICE 2,570 2,580 +0% ! 43% 118,900 t 60 40 USD COPPER PRICE 6,366 6,898 +8% 4% n/a 20 0 USD LEAD PRICE 2,129 1,809 I -15% 4% n/a PFS Base Case NPV AUD USD USD Gold Price USD Zinc Price Spot NPV See comparisons of pre-tax NPV and IRR incorporating the significant rise in the gold and silver price between publishing of the PFS in July 2017 and recent spot prices. IRR % Hayes Creek Pre-Tax IRR Increase Decrease Total 120% 100% 80% 73% 60% 40% 20% 0% PFS Base Case IRR AUD USD USD Gold Price USD Zinc Price Spot IRR 1. Proportion of projected revenue from sales of each metal in the PFS Financial Model. 2. Shows projected metal contained in concentrates, however, the total metal due for payment to the Company will be subject to certain deductions, with payment terms from smelters depend on a number of factors and will need to be finalised as part of any future offtake agreement. PNZ METALS 22

View entire presentation